The latest research commissioned by St George bank has revealed that many first-home buyers are making compromises in order to get into the market. In addition the research showed that only 74% of first home buyers did found the property they were after, while of the remaining 26% of buyers, approx. 50% compromised on the property location, 46% compromised on price that they eventually paid, and 45% sacrificed either the space or size in order to buy.
The survey, commissioned by St George Bank, was conducted by Pure Profile amongst 1,003 Australian who bought their first home or unit in the previous 24 months.
First Home Buying Takes Time
It took more than 12 months for 8% of survey respondents to buy a property, while 77% of respondents bought a property within six months or less.
Deposits were generally achieved through savings, with 60% saying they funded their deposit with a dedicated savings plan. The most common savings were made through cutting back on household expenses (60%), spending less on eating out/entertainment/shopping/ holidays (55%), and saved money by living with family (29%).
A total of 57% of first-home buyers found working out what was good value was the most difficult step in the home-buying process.
2/3’s of Australia’s first-home buyers join forces with a friend, family, or partner to buy their first property, according to new research by St George Bank.
” Two incomes are better than one,” said Ross Miller, General Manager for St George Retail Banking. “By purchasing with your partner or friend, you can make buying a house a lot more affordable and share the costs, including stamp duty and valuation fees.”
With the current trends, Bray Park is proving to be a great location for First Home buyers, its closeness to trains, public transport and great schools being the major benefits, along with great housing at affordable prices